There are differences in foreclosure proceedings in different states so if you are having this problem in PA. then you will need a foreclosure attorney in Lebanon.
Although foreclosure proceedings can start after just one payment is missed, this would be very rare if it were to happen. There are very few banks and lenders who do not allow their clients a grace period of some sort, but a fee will be added for the late payment. If you miss more than one payment, you can expect some follow-up by the lender.
Once you are three months in arrears things start heating up. It is at three months when most lenders begin the foreclosure process. Foreclosure can happen in two ways:
* Judicial sale: The process must go through the court, and you will need a foreclosure attorney in Lebanon.
* Power of Sale: This can be carried out directly by the creditor and requires no involvement of the court.
If you happen to reside in one of the states that allows for power of sale, your mortgage papers will usually state this. Power of sale is considerably faster than a judicial sale.
Judicial sale:
* The mortgage holder files suit with the court
* The court sends the lender a demand notice; 30 days are given for a positive response.
* If the payment is not made the court renders judgment, and the lender requests sale by auction.
* The auction is carried out by the sheriff; this can take several months.
* When the property sells, the lender in default is served with an eviction notice, and the house must be left immediately.
Power of Sale:
* The mortgage holder serves demand papers.
* After a certain waiting period, a deed of trust is instituted which transfers ownership to a trustee.
* The trustee sells the property for the lender at public auction.
* There may be a need for a foreclosure attorney in Lebanon as in some cases a power of sale must be judicially reviewed to make sure all is in order.
Both power of sale and judicial sale require that all parties be notified of any proceedings. If the homeowner, for example, took out a second mortgage on the property, that lender must also be advised of the foreclosure so that loan amount can be paid from the proceeds from the auction. If the holder of the second mortgage is not paid at this time, the amount of the mortgage can be applied to the new owner of the property. In many cases, the lender ends up buying the property at auction in hopes of being able to offer it for sale to the public at a more attractive price.
If you find yourself faced with foreclosure of your home, you will need the services of a foreclosure attorney in Lebanon to help you work your way through the process. Contact the law offices of John M. Hyams for help.
